9911796707
TMI Blog1983 (1) TMI 117X X X X Extracts X X X X X X X X Extracts X X X X ..... against the directions given by the AAC that the WTO should revalue the property by applying the provisions of r. 1-BB. We find that the directions given by the AAC are in conformity with the decision of the Special Bench of the Tribunal in the case of Shri Biju Patnaik. Therefore, we would uphold his orders and dismiss the departmental appeals. 3. In the cross-objections of the assessee, she ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcular dt. 28th June, 1977 should be followed. The AAC accepted the alternative submission and directed the WTO to grant the deduction as per the circular dt. 28th June, 1977. 4. The assessee is on further appeal before Shri Butani, ld. counsel for the assessee, submitted that the assessee would be entitled to the full deduction and the fact that the property would be considered for exemption u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wealth' has to be computed under section 2(m) in accordance with the provisions of the Act, that in turn makes it abundantly clear that not only those items which are excluded under section 2(e) defining the expression "assets" go out of the computation but also all those assets, as are enumerated in various clauses of sub-section (1) of section 5, go out of the computation. The provisions of sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vered by section 5(1) of the Act, then those debts are not deductible under section 2(m)(ii) of the Act. That being the position, we are setting aside the order of the Appellate Assistant Commissioner of Wealth-tax, restore that of the Wealth-tax Officer on this point." In view of this, we do not find any merit in the submissions of Shri Butani. 6. In the result, both the departmental appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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